System Liquidity

System liquidity improved sharply to ₦3.0 trillion, driven by ₦772.9 billion OMO maturity and ₦10.2 billion bond coupon inflows, causing the average funding rate to ease to 22.65% as the OPR held steady at 22.50% and the O/N rate declined to 22.79%.

Treasury Bills

The NTB secondary market traded mixed to bearish as investors focused on the belly to long end of the curve, with mid-tenor maturities such as 5-Mar-26, 12-Mar-26, 19-Mar-26, and 26-Mar-26 recording yield declines of 14–24bps, while long-dated bills like 5-Nov-26 and 19-Nov-26 experienced significant yield increases of 35bps and 24bps.

FGN Bonds

The FGN bond market traded with a muted positive tone and thin activity on the long end, as short- to mid-tenor papers such as 22-Jan-26 and 20-Mar-26 witnessed significant yield drops of 35bps and 27bps, while the 25-Jun-32 bond rose by 29bps, leaving the average benchmark yield slightly higher by 1bp to 15.61%

Eurobonds

The African Eurobond market rebounded from the previous session’s negative sentiment as investors responded to stronger-than-expected Nigeria Q3 GDP data and improving global oil prices amidst the U.S. sanction on Venezuela, resulting in yield declines and price gains across major oil-producing sovereigns.

Nigerian Equities

The Nigerian equities market closed positive as the All-Share Index gained 120bps, boosted by broad advances across all five major indexes led by the Industrial Goods Index, with DANGCEM (+9.99%) driving the gainers’ chart and large cross deals in names like SEPLAT and ACCESSCORP lifting market turnover by 112.92%.

Foreign Exchange

The Nigerian Foreign Exchange Market (NFEM) recorded a marginal appreciation of the naira, with the rate strengthening by ₦3.04 to ₦1,445.3929/$ on improved liquidity, while external reserves held firm at $44.67 billion, reflecting a 9.27% YTD gain.

Commodities

Global oil prices eased as markets weighed fading Russia-Ukraine peace hopes against oversupply concerns, leading Brent crude to fall by 76 cents to $62.41, while gold prices retreated as investors took profits ahead of key U.S. economic data and the Federal Reserve meeting, pushing spot gold down to $4,196.96/oz.

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